R2020-172 Resolution Authorizing Redevelopment Agreement-City of Decatur, Illinois and InnovaFeed

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THIS CITY OF DECATUR/INNOV� DEVELOPMENT AGREEMENT (the "Agreement") is entered into as of the Zl'day of 2020, by and between the City of Decatur, Illinois,an Illinois home rule municipal corporation,(hereinafter referred to as the"City")and InnovaFeed, a French societe par actions simplifiee,the registered office of which is located 5 route de Chaulnes,Lieudit "Les Trente", 80190 Nesle,France(hereinafter referred to as the"Developer"). RECITALS WHEREAS,the City is a home rule unit of government, pursuant to Section 6 of Article VII of the Constitution of the State of Illinois,and as such has the authority to promote health,safety and welfare, including to prevent the spread of blight and deterioration and inadequate facilities by promoting the development of and private investment in industry,business and housing and enhancing the marketability of Premises and is authorized and empowered to enter into economic incentive agreements pertaining to its government and affairs, including the economic development of the City and the expansion of its tax base thereby reducing unemployment;and WHEREAS,there exists certain property more fully described on Exhibit 1 attached hereto and by reference made a part hereof that is currently undeveloped for a period in excess of one(1)year;and, WHEREAS, the Developer wishes to substantially develop and improve the Development Area more fully described on Exhibit 1 attached hereto and by reference made a part hereof(the "Project"); thereby contributing to the economic development of the City, increasing the tax base thereby reducing unemployment and creating or retaining job opportunities within the City and serve to further and maintain the development of adjacent areas, and the City is willing to enter into an economic incentive agreement with the Developer to assure that said development and improvements occur;and WHEREAS,the Developer has requested that incentives related to the Project be provided by the City from the resulting utility tax revenues derived solely from the Development Area, which incentives are set forth in Exhibit 2;and WHEREAS,the Developer has requested that the City assist in extending public infrastructure to the Development Area through the construction of a gravity sewer as set forth in Section 2.18;and WHEREAS,without the assistance of the City as set forth in this Agreement,the Developer would not undertake the Project and the Project would not be possible;and WHEREAS,the cost of the Project(including land acquisition and soft costs) is estimated to be $50,500,000 Dollars as more fully shown on Exhibit 2 attached hereto and made a part hereof,and WHEREAS, the Project is projected to employ a minimum of 70 full time persons initially in Phase 1 and an additional minimum of 70 full time persons during Phase 2 for a total of a minimum of 140 full time persons and jobs;and, WHEREAS, the City has determined that the Development Project requires the incentives requested as set forth in Exhibit 2 and that the Development Project will promote the health, safety and welfare of the City and its citizens , strengthen the commercial sector of the City by attracting private investment to prevent blight and deterioration, enhance the tax base of the City and provide employment and generally to enhance the economy of the City and is made and entered into in the best interest of the City.